The advice & wealth management arm of the Ameriprise Financial has posted pretax operating earnings of $210m for the first quarter of 2015, an increase of 16% compared to $181m a year earlier.
For the quarter ended 31 march 2015, the division’s pretax operating margin was 17.1% compared to 15.8% a year ago.
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Operating net revenues grew 7% to $1.2bn driven by asset growth in fee-based accounts from client net inflows and market appreciation, partially offset by lower activity reflecting increased market volatility, the bank said in its earnings statement.
The division’s operating expenses rose 5% to $1bn. General and administrative expenses were flat compared to a year ago.
Total retail client assets grew 8% to $453bn driven by client net inflows, new client acquisition and market appreciation.
The asset management arm of the group reported pretax operating earnings of $191m, an increase 4% compared with $183m in the year ago quarter.
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By GlobalDataOverall, the Ameriprise Financial group reported first quarter 2015 net income of $393m, or $2.08 per diluted share, down 2% compared to $401m a year ago.
